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Deals & Dealmakers

SELLING POINTS: Thor buys JC complex for $95M

Thor makes $95M life sciences investment in Jersey City

Thor Equities Group has purchased a Jersey City property with plans to redevelop it as a lab ready complex.
JLL brokered the $94.5 million sale of 95 Greene Street (pictured top), a 337,888 s/f commercial building in Jersey City, NJ.
Daniel Loughlin and Jose Cruz in the firm’s NJ Capital Markets team, along with John Cunningham, co-chair of its Life Sciences Advisory, Blake Goodman and John Cahill represented the seller.
Thor has selected JLL to continue serving as the exclusive leasing agent at 95 Greene Street.
“Thor Equities is a diverse real estate firm with a dedicated life sciences investment platform,” said Loughlin.
“It is committed to a multimillion-dollar capital investment program repositioning the building to a ‘lab ready’ condition enabling expedited delivery of tenant lab improvements and speed to market. More importantly, the property is uniquely entitled for R&D and specialty uses. The building’s legacy manufacturing infrastructure provides a highly capable environment for all types of research functions.”
“95 Greene Street caters to the needs of life science firms to recruit scientific and engineering talent in Manhattan and New Jersey, and collaboration with the higher education and medical communities,” said Goodman.
“Similar to office sector trends, we see life science firms migrating to urban environments to attract talent.”
95 Greene Street served as a primary manufacturing facility for Colgate Palmolive until 1987 and was later converted into a Class A office building that was occupied by Merrill Lynch for many years.
The property is in the heart of Jersey City’s Paulus Hook neighborhood with views of the Statue of Liberty and Hudson waterfront.
It is a short walk from the Exchange Place PATH Station, NY Waterway Ferry and the new Hudson-Bergen Light Rail system.

Newmark begins marketing LIC development site

Newmark Knight Frank (NKF) has been retained as the exclusive agent to offer for sale the property at 24-02 Queens Plaza South in Long Island City Queens.
NKF’s Vice Chairman Brian Ezratty and Scott Ellard are representing the seller for the centrally located large-scale development site.
Currently on-site, there stands a three-story commercial structure of approximately 74,500 gross square feet with around 100 ft. of frontage along both Queens Plaza South and 42nd Road as well as a 240-foot blockfront along 24th Street.
The site supports a full 196,000 s/f development opportunity with flexible zoning for potentially any use to include, residential, commercial or community facility.
“Long Island City continues to be a major source of growth for the metropolitan area,” said Ezratty.
“This is a great opportunity and site for any forward-thinking developer looking to break into the neighborhood or add to their existing portfolio with a potential 200k square-foot development site that comes with flexible zoning and great access to transit.”

Industrial opportunity in South Bronx offered for $16M

Ariel Property Advisors has been retained to sell two contiguous properties in the Port Morris section of the South Bronx for $16.25 million.
The block-through properties at 805 East 139th Street and 820 East 140th Street total 77,000 s/f and offer 255 ft. of frontage on 139th Street and 150 feet of frontage on 140th Street.
The properties present a strategic opportunity for both owner-users and investors to capitalize on the high demand of industrial and warehouse space in the New York metropolitan market.
Ariel’s team of Jason M. Gold, Michael A. Tortorici, Victor Sozio and Daniel Mahfar is representing the seller. 
The properties and situated in both an Opportunity Zone and an Industrial Business Zone. The space is zoned M3-1, a unique designation that allows for heavy manufacturing.
The properties feature two freight elevators, four loading docks, seven driveways and substantial ceiling heights, including 20 ft. on the 45,000 s/f ground floor and 16 to 18 ft. on the second and third floors.
“The industrial warehouse and storage market are at a ten-year high in dollar and transaction volume in the Bronx,” said Gold.
“The borough offers accessibility in a competitive geography, and this asset is both a strategic investment and business empowerment solution in a prime location.”

South Bronx money-maker hits market

Ariel Property Advisors has been retained exclusively to sell 950 Westchester Avenue, a block-through commercial condominium property in the Longwood section of the South Bronx.
The $15 million property offers 45,979 s/f above grade, features two retail units, five community facility tenants and a 22,000 s/f parking garage below grade.
Located between Intervale Avenue and Kelly Street, the property also presents 350 ft. of wrap-around retail frontage on one of the Bronx’s busiest corridors.
Ariel’s team of Jason M. Gold, Howard Raber, Shimon Shkury, Victor Sozio and Daniel Mahfar is representing the seller. 
Built in 2006, the modern four-story building sits on a 40,960 s/f lot and is anchored by Fine Far Supermarket, a regional chain with more than 60 locations, and NYC Early Learning Company.
Revenue at the property is also driven by the five community facility units currently renting at or above market rates, and the full-service parking garage with more than 80 parking spaces.
Additionally, the property offers tax savings for investors through the Industrial and Commercial Incentive Program (ICIP) exemption and a 421-a tax abatement, which are in place until 2032 and 2034, respectively. 
“This dynamic asset with multiple revenue streams above and below grade provides investors with strong cash flow on a thriving corridor in an ascendant South Bronx market,” said Gold.
“This is an extremely attractive asset at a time when interest rates are low and the Bronx retail sector is thriving.”

P3 Properties planning ‘ultimate work environment’ in Parsippany

JLL Capital Markets announced has closed the sale of Morris Corporate Center 1 & 2, a two-building, Class A office complex totaling 550,000 s/f in Parsippany, New Jersey.
JLL represented the seller, an affiliate of Brookwood Financial Partners, LLC, and procured the buyer, P3 Properties.
The properties are located at 300 Interpace Parkway and 1 Upper Pond Road within the larger Morris Corporate Center master planned development in the Parsippany submarket of New Jersey.
The 31-acre site is less than a mile from Interstate 80 and in close proximity to Route 46. Morris Corporate Center 1 & 2 features four full-height atrium lobbies, two full-service cafes, a 5,000 s/f fitness center with locker rooms and a yoga studio, two conference areas including an executive boardroom, covered and surface parking and a central pond with trellis seating areas and walking path.
The four-story properties are currently 67 percent leased to a variety of tenants including Zurich Insurance, York Risk Services, Ipsos, ICAP and Wallenius Wilhelmsen.
“Great things are happening at Morris Corporate Center – MCC IV has been rebranded (now known as Latitude) and is currently being upgraded, which has already shown results in the recent signing of Sax LLP to a new lease, MCC III (now known as MCC Blue) is fully occupied, including Teva’s new headquarters lease, and now Morris Corporate Center 1 & 2 is slated for a significant rebranding and upgrade, which will reposition it to better compete within the submarket,” O’Hearn stated.
“The sale of MCC 1 & 2 shows the interest from local and regional buyers in New Jersey office and the upside they see in the asset class,” added Cruz.
Harvey Rosenblatt of P3 Properties, commented, “Our plan is to add even more amenities and expand the use of exterior spaces. With wellness currently at the forefront of many companies focus, we are well positioned to deliver on our pursuit of the ultimate work environment,” stated
The JLL Capital Markets team representing the seller included Jose Cruz and Kevin O’Hearn, Mark Mahasky, Michael Oliver, Steve Simonelli and Nick Stefans.

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